Sydney Market Update
Sydney’s job market is a vibrant ecosystem and home to some of Australia’s ASX leading enterprises including Westpac, Macquarie, Wesfarmers, Woolworths, Telstra, QBE, and more. In fact, Sydney and the wider NSW region contribute over $820 billion to Australia’s GDP making it the largest state economy in the country, and home to an estimated 2.7 million employees.
The region has enjoyed continued growth across 2024, with the annual salary survey and wages increase being over 4.1%, and all expectations for this to continue to be stable for the remainder of the year.Today, we are homing the spotlight in on the tech sector, healthcare, sustainability, professional services sectors, and the gig economy.
The Digital Surge Continues:
The technology sector is experiencing a meteoric rise, with the Australian Bureau of Statistics (ABS) reporting a staggering 22.6% year-on-year increase in tech jobs. Companies such as Xero, Canba, Atlassian, Google, KPMG, Telstra, CBA, and Microsoft continue to drive the need for hiring experts in digital enablement and analytics. In demand roles continue to be software developers (front-end and back-end), full stack developer’s, Artificial intelligence (AI & ML), cybersecurity, cloud computing (Azure, AWS), data engineers and business intelligence (BI) specialist. Professional Sydney Resume writers are recognising the changes and demands needed to driver professional resumes in this sector.
Healthcare Heroes in High Demand:
An aging population coupled with advancements in medical technology is driving significant growth within the healthcare industry. The NSW Department of Health has risen reported a 10.4% increase in healthcare jobs over the next five (5) years and demand in this sector is getting hotter. There continues to be a shortage and need for Nurses, aged care workers, medical specialists, and allied health professionals like physiotherapists and occupational therapists. Recruitment Agencies have continued to notice a shift from public to private sector due to improved wages can be seen, with organisations such as BUPA, Medibank, and CSL offering attractive salaries and packages to boost their workforces.
Building a Sustainable Future – Engineering & Construction:
Engineering & Construction: Sydney’s infrastructure boom, fuelled by multi-billion dollar projects like the Sydney Metro expansion (opening mid-2024) and the upcoming Western Sydney Airport, is creating a wealth of opportunities in the construction and infrastructure sectors. Organisations such as Lend Lease, Laing O’Rourke, Downer, and John Holland are continuing their investment to recruiting personnel especially around the areas of project management, engineering management, and sustainability specialists. Salaries appear to be outperforming the 4.1% national benchmark, however, there has been a slight slowdown on recruitment of some back office areas.
Fintech Sector still driving growth:
The banking and finance industry is undergoing a seismic shift driven by disruptive innovations. With a vast amount of investment being put into Block chain and digital currencies, the need to hire highly equipped experts in specialist development, architecture, trading, investment analysts, and more. We have also seen a significant growth and need for specialists in the areas of compliance and audit, as well as all things security. Leading the charge are companies such as Westpac, NAB and CBA. In fact the CBA has recently acquired over 15 new ventures including early-stage fin tech organisations. If consulting is your thing, then there’s plenty of opportunities in the venture capital firms. Look at companies such as Square Peg capital, Blackbird, AirTree, and more.
Professional Services:
The big powerhouses still run strong in the Sydney professional services sector i.e. KPMG, PwC, EY and Deloitte, as well as BDO, Grant Thornton, and RSM. For those who enjoy specialist work, McKinsey & Company, Bain & Company, and Boston Consulting Group (BCG) are seeking experts in the areas of management consulting. Players such as Accenture are continuously seeking experts in consulting and digital transformation. The demand in these areas remains strong whilst companies invest in future proofing their infrastructure. It is expected more than 60% of these businesses will be giving pay increases to both existing staff and new staff members.
AI is Transforming the Workforce, Not Replacing It:
We have seen a great deal of scaremongering in the market relating to AI and the impact it has on the job market, including LinkedIn adopting next-gen AI. However, contrary we have seen how AI creates new opportunities in data science, project management, and process improvement. The core focus of employers teams to be on upskilling and reskilling initiatives to ensure that staff and teams embrace everything AI. More notable impacts have been to industries such as accounting and legal, where AI has been used to automate, and new roles have appeared for specialists to leveraged reports and data into real-world (humanised) actions.
The Gig Economy: Flexibility with a Catch:
We have seen a great deal of scaremongering in the market relating to AI and the impact it has on the job market. However, contrary we have seen how AI creates new opportunities in data science, project management, and process improvement. The core focus of employers teams to be on upskilling and reskilling initiatives to ensure that staff and teams embrace everything AI. More notable impacts have been to industries such as accounting and legal, where AI has been used to automate, and new roles have appeared for specialists to leveraged reports and data into real-world (humanised) actions.
Other notable mentions:
In addition to these well-established sectors, Sydney is witnessing a rise in exciting new categories that are redefining the job landscape:
Cybersecurity Champions: As businesses become increasingly reliant on technology, the demand for cybersecurity professionals to safeguard sensitive data and infrastructure is at an all-time high.
Data: we keep mentioning data, data and data, and with Sydney businesses turning to data to gain valuable insights, there is a continued need for specialists to drive informed decision-making, and personalise customer experiences.
CRM & Salesforce: There is a growing need for those who can use CRM data such as Salesforce to provide insight into improving efficiency and returns of marketing campaigns. Those who have expertise in Excel, Tableau, or Power BI are continuously sought-after, and data modelling management skills will definitely maintain its in demand status
Customer Experience Architects: In today’s competitive landscape, businesses are prioritizing customer experience (CX) to differentiate themselves. This has led to a growing demand for CX professionals who can design and implement exceptional customer journeys. The need for CX platform proficiency, UX/UI Design, omni-channel experience, and project management including agile methodologies to incorporate into the CX experience
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